Logo
Pari Passu
Premium
Previous Editions
About
Others
Log In
Subscribe

Archive

newspaper

ARTICLE

Industrials

caret-right
tree-structure

RESTRUCTURING

Industrials

caret-right
buildings

INDUSTRY

Industrials

caret-right
briefcase

SPONSOR

Industrials

caret-right

Industrials

+3

A Sharp Turn: Oregon Tool’s Post-Serta LME
LockSimple

Nov 7, 2025

•

28 min read

A Sharp Turn: Oregon Tool’s Post-Serta LME

How Platinum Equity’s Oregon Tool took the new “extend-and-exchange” one step further

Industrials

+1

Beyond the Balance Sheet: Factoring Facility Primer + First Brands Case Study
LockSimple

Oct 24, 2025

•

41 min read

Beyond the Balance Sheet: Factoring Facility Primer + First Brands Case Study

Inside the growing use of receivables factoring, and how First Brands’ collapse is testing it

Industrials

+2

(G)rounded, (O)verleveraged, and (L)anding in Chapter 11: GOL Restructuring Deep Dive

Aug 1, 2025

•

11 min read

(G)rounded, (O)verleveraged, and (L)anding in Chapter 11: GOL Restructuring Deep Dive

Low-cost carrier business models, the Boeing 737 MAX crisis, and a fascinating case of FX volatility-related airline bankruptcy

Industrials

+3

American Tire Distributors, In-Court LME

Jul 25, 2025

•

10 min read

American Tire Distributors, In-Court LME

How ATD’s bankruptcy reshaped DIP financing and signaled a shift toward intra-class conflict in Chapter 11

Industrials

+4

What is the Hunter-gatherer LMT and analysis of the Ardagh-Apollo deal
LockSimple

Jun 10, 2025

•

4 min read

What is the Hunter-gatherer LMT and analysis of the Ardagh-Apollo deal

Primer, Simplified Example, Case Study Deep Dive, Uptier Comparison

Industrials

+2

Overview of Section 363, Credit Bidding, and Fisker Case Study
LockSimple

Jun 6, 2025

•

11 min read

Overview of Section 363, Credit Bidding, and Fisker Case Study

Technical Explanation, Offensive vs. Defensive Bids, and a Perfect Chapter 11 Example

Industrials

+2

Zips Car Wash, a Quick Private Credit Chapter 11

May 13, 2025

•

2 min read

Zips Car Wash, a Quick Private Credit Chapter 11

A case study in how opaque private credit markets can distort risk, delay recognition of impairment, and mislead investors to the real credit quality of their portfolios

Industrials

+2

Graftech, Credit Analysis to Break Down the Out-of-Court Restructuring

May 9, 2025

•

19 min read

Graftech, Credit Analysis to Break Down the Out-of-Court Restructuring

How To Read A Credit Doc & Structural and Legal Considerations

Industrials

+2

No Room to Vent: First HVAC Roll-Up to File for Chapter 11
LockSimple

Apr 8, 2025

•

2 min read

No Room to Vent: First HVAC Roll-Up to File for Chapter 11

Premium: A failed HVAC roll-up that allows us to examine the necessity of successful business integration and healthy cash flows

Industrials

+2

The Infamous Hertz Restructuring, Who Laughs Last Laughs Best
LockSimple

Nov 15, 2024

•

15 min read

The Infamous Hertz Restructuring, Who Laughs Last Laughs Best

An abrupt pandemic-driven bankruptcy, audacious equity raise, and the legal complications of “make-whole” fees.

Industrials

+5

Trinseo, a Double Dip "Pari-Plus" Case Study
LockSimple

Sep 27, 2024

•

13 min read

Trinseo, a Double Dip "Pari-Plus" Case Study

Today, we are going to look at another variation of the double-dip: the pari-plus transaction by analyzing the fascinating restructuring of Trinseo.

Industrials

+1

Heico Deep Dive: a Flying Business
LockSimple

Sep 20, 2024

•

10 min read

Heico Deep Dive: a Flying Business

Given Heico’s resilience in aerospace and defense, global reach, innovation and growth, steady financial performance, and diversification, it is worthwhile to examine the company’s potential and impact on the market.

Industrials

+2

Triple Dip Primer and Spirit Analysis
LockSimple

Sep 6, 2024

•

10 min read

Triple Dip Primer and Spirit Analysis

In this paper, we will first understand how triple-dips could be created. Then, we will analyze the real world case of Spirit Airlines and see the potential of the triple-dip as a revolutionary liability management maneuver.

Industrials

+1

AutoZone Deep Dive
LockSimple

Aug 2, 2024

•

7 min read

AutoZone Deep Dive

Diving deep into the US' largest aftermarket automotive parts company, which has seen wild success in terms of stock performance and network expansion

Industrials

+1

Lockheed Martin Deep Dive
LockSimple

Jul 19, 2024

•

14 min read

Lockheed Martin Deep Dive

Diving deep into the world's largest defense contractor and a dominating force on the international stage

Industrials

+2

Celsa Group: A Case Study in Spanish Restructuring
LockSimple

Mar 8, 2024

•

4 min read

Celsa Group: A Case Study in Spanish Restructuring

What is Celsa? And how did they end up giving the keys to creditors? Why should we care? To understand the intricate workings of one of Europe’s most high-profile restructurings in the past decade, we must first learn more about the company at the center of this dispute.

Industrials

+1

Boeing Deep Dive
LockSimple

Jan 19, 2024

•

4 min read

Boeing Deep Dive

Diving deep into what makes this company fly...as well as recent turbulence that may impact its long-term trajectory

Industrials

+2

Nordic Aviation Capital Bankruptcy
LockSimple

Nov 3, 2023

•

3 min read

Nordic Aviation Capital Bankruptcy

An amazing story of how a restructuring process enabled a great business to emerge from a black swan event and continue its operations

Pari Passu

Restructuring, credit, and distressed debt insights from a hedge fund analyst and former restructuring banker

Quick Links

Premium

Previous Editions

About

Free Resources

Reimbursement

Merch

Upgrade

Sponsor

Want to sponsor?

Reach a highly targeted audience of restructuring, credit, and distressed debt professionals through our newsletter.

Stay Updated

© 2025 Pari Passu.

Privacy policy

Terms of use

Powered by beehiiv